NBC completed its acquisition of Telemundo Communications Group Inc. Friday,
bringing to the General Electric Co.-owned network 11 owned-and-operated stations, the Telemundo
network and two cable networks -- Telemundo Internacional and Mun2.
The Telemundo network serves 86 markets, reaching 90 percent of total
Hispanic TV households.
Telemundo was owned by Sony Pictures Entertainment, Liberty Media Corp. and other investors.
The transaction called for $1.98 billion and the assumption of debt estimated
at $700 million.
Jim McNamara will continue as CEO of Telemundo, NBC said, reporting to NBC
president Andrew Lack.
Alan Sokol continues as chief operating officer, NBC said.
"This transaction represents NBC's strong commitment to growing our network
business and serving the needs of the booming Hispanic market," said Bob Wright,
vice chairman of GE and chairman and CEO of NBC. "We expect great
things from this partnership," Lack added.